Section 166(3)

For the purposes of a reference in this Part to inability to pay debts— for the purposes of paragraph (a) “agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the bank. a bank that is in default on an obligation to pay a sum due and payable under an agreement, is to be treated as unable to pay its debts, and section 123 of the Insolvency Act 1986 (inability to pay debts) also applies; and

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Source: legislation.gov.uk · retrieved 2026-09-04